Oil and gas well tools and equipment are distributed to various locations around the world. The tools and equipment are often expensive to purchase, and as such, one cost-efficient option may be to rent the tools or equipment rather than buy them. The payment structure for rental/license agreements for oil and gas tools or equipment often times is based upon the amount of time the tools or equipment are actually used, which presents challenges for licensors in tracking the actual use of the tools or equipment to generate maximum license revenue.
There is a need, therefore, for systems and methods for monitoring the use of rental tools and equipment. In particular, there is a need for systems and methods for monitoring the use of rental tools and equipment in the oil and gas industry.